How to deposit cash into your Abaca Online Banking account.
What does this cover
- What is a cash deposit?
- How to make a cash deposit through a Logistic Provider?
- How to make a cash deposit to the Branch?
- What is Legacy Cash?
What is a Cash Deposit?
A cash deposit is when you have cash from business operations you would like to put into your bank account.
The expected timeline on cash pickups will vary based on your distance from a major metropolitan area. Once picked up from your facility, the cash will be taken either to the Federal Reserve or to your bank branch directly, depending on your location and applicable cash deposit protocols. If the cash is scheduled for a FED deposit, the bank will issue a provisional credit to your account once it reaches the regional depot. Cash deposited directly at the bank will be credited immediately, and reflected on your account the next business day.
The expected cost of the pickup will vary based on 2 factors - Your location and how often you schedule cash pickups.
How to make a cash deposit through a Logistic Provider?
We have partnered with vetted cash logistics providers that ensure your cash arrives safely into your account. For questions about getting set up with a cash logistics provider, please contact your Account Specialist.
The best way to start scheduling cash pick ups is contacting your Account Specialist. Providers will vary based on your location.
1) Organizing your cash
Please make sure any cash in your deposit bag is organized. Organized cash means it is grouped in the same bills. This will aid both your staff and the bank in confirming the accuracy of the deposit. Cash deposits that are inaccurate or disorganized may not be accepted.
2) Filling out the deposit control sheet
With every cash or check deposit made into your account, documentation is essential, so we have provided you with a Deposit Control Sheet. This must be emailed to the designated people, and a copy must be included in the deposit bag. Your Account Specialist will go over this form with you and you can always call if you have any questions or concerns.
3) Meet your cash logistics provider
Situations and protocols may vary depending on the particulars of your location and facility, and the procedures and processes of your individual carrier. Please coordinate these details directly with your carrier prior to your first pickup.
4) Quick cash services
In the event of an emergency situation and you need cash sooner than usual, we can assist you. This service will come at a rate of $50 per hour. Simply call your Account Specialist and tell them your situation. We will do the best we can to ensure that you receive your cash in a timely manner.
How to make a cash deposit to the branch?
Based on your partner bank, there are a few different branches you can drop off your cash in person. When you deposit it yourself, you still have to submit your deposit control sheet so the bank and Abaca are aware that you are coming with a large sum of cash.
What is Legacy Cash?
Abaca defines Legacy Cash as any cash more than your gross revenues over the last 90 days. When depositing Legacy Cash, additional fees may apply (even if it's an initial deposit), and Abaca’s partner banks may require a limited scope audit, at their discretion.